On July 24, with the yield barely rising to 2.97%, there were 698,504 net shorts contracts. That's an increase of 154,682 with the yield essentially moving sideways.
The above just describes changes in net positioning. It's highly likely some of those who shorted early on have taken profits while others added to shorts and still others took positions for the first time.
The number of short contracts is a whopping 1,557,271 contracts.
The number of long speculative contracts is 858,767 so there may be a pile of hurting longs ready to throw in the towel on a move higher in yields as well. I suppose it would be fitting if one final blast higher in yields shook out the longs right before a reversal.
Congrats to those who shorted early and got out.
It's the short latecomers and those pressing shorts after this rally in yields that will eventually blow up. Some longs may also be on the edge right now.
Mike "Mish" Shedlock